From the Desk of Irwin Michael – August 5, 2016 An ABC holding, CCL Industries, a Toronto-based manufacturer and supplier of packaging and labeling for the consumer products sector, announced Q2 performance this week. The company reported revenue and earnings which significantly beat analysts’ expectations largely due to organic sales growth and the positive impact of acquisitions including its purchase of Checkpoint Systems Inc. Specifically, Q2 sales were $960 million vs $929.9 million expected and earnings per share of $2.80 vs an estimated $2.53. During the first six months of the year, CCL closed six acquisitions and we expect this trend to continue given $119 million of undrawn credit facilities and $422 million of cash on hand. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.